Meanwhile, building permits across the country soared in April, up 10.5 per cent from the month before, including a whopping 50-per-cent increase in the softening condo market.

But CIBC economist Emanuella Enenajor must have been looking at all the reports of over-building in the condo market, because instead of declaring a bounce-back, she suggested condo bust is just getting started.

“Construction [in condos] could be set for one last hurrah,” she declared.

Overbuilding Everywhere

If economists aren’t buying any sort of bounce-back in the market, particularly in condos, that can be largely attributed to perceptions that Canada has experienced an over-building of homes.

The report said the recent slowdown in sales and construction “has moved back in line with household formation in most major markets” — but that was before this week’s report of a large jump in construction starts.